Abu Dhabi: H.H. Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Member of the Abu Dhabi Executive Council and Chairman of the Abu Dhabi Executive Office, presided over a meeting of the Abu Dhabi National Oil Company’s Executive Committee of the Board of Directors (ADNOC). Sheikh Khalid reviewed ADNOC’s intentions to assist the UAE’s 2050 net-zero emissions objective and approved the company’s plans for new energy possibilities during the meeting, which took place at ADNOC Headquarters.
He also addressed ADNOC’s plan for accelerating the UAE’s industrial growth, as well as its leadership in developing low-carbon fuel value chains, with the Executive Committee. Sheikh Khalid and the Executive Committee were updated on ADNOC’s In-Country Value (ICV) initiative, which is expanding and supporting the UAE’s economic growth. To date in 2021, ADNOC has granted approximately AED40 billion in procurement contracts throughout its operations, with an ICV of 64%.
They also looked at the company’s performance and business plan, as well as ADNOC’s recent achievements, such as ADNOC Drilling’s initial public offering (IPO) and Fertiglobe’s intention to float (ITF). Sheikh Khalid commended ADNOC’s recent successes and voiced confidence in the company’s long-term ability to drive Abu Dhabi and the UAE’s economic aspirations over the next 50 years.
The Executive Committee meets throughout the year to assess ADNOC’s progress toward its strategic and financial goals, as well as its operational performance. As part of ADNOC’s 2030 strategy, the company is increasing crude oil production capacity, enabling gas self-sufficiency for the UAE, expanding its downstream business, and strengthening its trading capabilities in order to remain one of the lowest-cost producers and lowest carbon emitters in the oil and gas industry.
Through TA’ZIZ, ADNOC’s joint venture with ADQ, ADNOC’s downstream expansion is helping to fuel the UAE’s industrial growth and attract domestic and international partners to accelerate the development of Abu Dhabi’s petrochemicals and derivatives industry. As its industrial base in Ruwais expands, ADNOC is also expanding its blue hydrogen and ammonia operations.
Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure; Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC; Ahmed Ali Al Sayegh, Minister of State; Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO of Mubadala Investment Company; and Jassem Al Zaabi, Chairman of the Abu Dhabi Department of Finance, were among the others who attended the meeting.
Source: WAM
